Gravel & Shea PC

Latest News

Litigation Attorney Daniel Martin Elected Shareholder

Gravel & Shea recently elected Associate Daniel Martin to Shareholder. Dan joined the firm in 2016.

“I am honored to be a Gravel & Shea shareholder,” said Dan. “I have thoroughly enjoyed working with our exceptionally talented attorneys and staff over the past five years. I look forward to many more years working with this group to provide innovative solutions for our clients and upholding Gravel & Shea’s high standards of quality and collaboration.”

Dan’s practice focuses on all aspects of litigation in state and federal court. Dan graduated from The George Washington University Law School in 2010, where he was Articles Editor of The George Washington Law Review. Prior to joining Gravel & Shea, he practiced in the securities litigation and corporate governance group of Weil Gotshal & Manges in New York City.

Since joining Gravel & Shea, Dan has been listed as a “Rising Star” in New England Super Lawyers.

“As someone who has worked closely with Dan since his arrival at Gravel & Shea, I am extremely pleased that he will be joining us as a partner,” said Gravel & Shea Shareholder Bob Hemley. Dan has been an invaluable contributor to our most complex commercial litigation, managing highly complicated securities, antitrust, and fraud matters through to successful completion. He is a tireless worker, extremely thorough in his research and writing, and has won the enthusiastic approval of our clients, co-counsel, and adversaries. He will be a very important member of our litigation team going forward.”

Gravel & Shea is a full-service law firm in Burlington, Vermont, providing its clients legal services in a wide variety of disciplines, including commercial transactions, civil litigation, real estate, intellectual property, energy, land use and environmental regulation, estate planning, mergers and acquisitions, personal injury litigation, employment law, and family law.

 

Gravel & Shea PC June 28, 2021

Gravel & Shea Recognized in Chambers and Partners USA and High Net Worth Guides

Gravel & Shea is proud to congratulate 10 attorneys recognized in Chambers & Partners USA Guide 2021 and Chambers & Partners High Net Worth Guide 2021.

Chambers and Partners is an independent research company that ranks lawyers and law firms across 200 jurisdictions nationwide. Their rankings are based on technical legal ability, client service, depth of team, commercial vision and business understanding, diligence, and value for money.

Chambers and Partners guides recognize both departments or practice areas as a whole and individual attorneys.

Gravel & Shea’s Private Wealth Law practice is recognized in Chambers and Partners High Net Worth Guide 2021. Gravel & Shea’s Corporate/Commercial, Litigation: General Commercial, and Real Estate practices are recognized in Chambers and Partners USA Guide 2021.

10 individual Gravel & Shea attorneys are recognized for legal excellence:

Jeanne C. Blackmore – Private Wealth Law

Matthew B. Byrne – Litigation: General Commercial

Livia K. DeMarchis – Private Wealth Law

Peter S. Erly – Corporate/Commercial

Timothy M. Eustace – Real Estate, Real Estate: Zoning/Land Use

Michelle N. Farkas – Real Estate

Heather Rider Hammond – Labor & Employment

Robert B. Hemley – Litigation: General Commercial

William A. Mason, IV – Corporate/Commercial

Robert H. Rushford – Real Estate

Gravel & Shea is a full-service law firm in Burlington, Vermont, providing its clients legal services in a wide variety of disciplines, including commercial transactions, civil litigation, real estate, intellectual property, energy, land use and environmental regulation, estate planning, mergers and acquisitions, personal injury litigation, employment law, and family law.

 

Gravel & Shea PC June 8, 2021

9 Gravel & Shea Lawyers Recognized in 2021 Best Lawyers in America

Gravel & Shea is pleased to congratulate nine Gravel & Shea attorneys on their inclusion in the 2021 Edition of The Best Lawyers in America.

Founded in 1981, Best Lawyers began as a way to “highlight the extraordinary accomplishments of those in the legal profession,” says CEO Philip Greer.

Best Lawyers published their first guide in 1983. More than three decades letter, the guide has become recognized as one of the country’s most reliable, unbiased sources of legal referrals.

The Best Lawyers in America list divides lawyers by geographic region and practice area. They use a peer review process and authenticate all lawyers to ensure they are in current practice and in good standing.

We would like to congratulate the following lawyers named to 2021 The Best Lawyers in America list:

  • Peter S. Erly — Corporate Law, Mergers and Acquisitions Law, Securities/Capital Markets Law, and Securities Regulation
  • Timothy M. Eustace — Litigation – Real Estate
  • Michelle N. Farkas — Real Estate Law
  • Heather R. Hammond — Employment Law – Management and Litigation – Labor and Employment
  • Robert B. Hemley — Bet-the-Company Litigation, Commercial Litigation, Criminal Defense: General Practice, Criminal Defense: White-Collar, First Amendment Law, Mass Tort Litigation/Class Actions – Plaintiffs, Medical Malpractice Law – Plaintiffs, and Personal Injury Litigation – Plaintiffs
  • William A. Mason IV — Corporate Governance Law and Corporate Law
  • Jerome F. O’Neill — Commercial Litigation, Criminal Defense: General Practice, Criminal Defense: White-Collar, and Personal Injury Litigation – Plaintiffs
  • Robert H. Rushford — Real Estate Law

Best Lawyers also recognizes associates and other lawyers who are earlier in their careers for their outstanding professional excellence in private practice in the United States.

Lawyers recognized in Best Lawyers: Ones to Watch undergo a similar peer review and authentication process.

Gravel & Shea congratulates Celeste E. Laramie for her inclusion as One to Watch for Personal Injury Litigation – Plaintiffs.

Gravel & Shea is a full-service law firm in Burlington, Vermont, providing its clients legal services in a wide variety of disciplines, including commercial transactions, civil litigation, real estate, intellectual property, energy, land use and environmental regulation, estate planning, mergers and acquisitions, personal injury litigation, employment law, and family law.

 

 

Gravel & Shea PC May 17, 2021

The American Rescue Plan Act Makes Significant Changes to COVID-Related Paid Leave and Brings Back COBRA Subsidies

On March 11, 2021, President Biden signed into law the American Rescue Plan Act (“ARPA”).  While ARPA is wide-ranging and covers a host of COVID-related needs, employers should be particularly aware of two important components.

Paid Sick Leave

 As we know, the employer paid sick and family leave obligations under FFCRA ended on December 31, 2020.  At the very end of the year, Congress passed a law that did not extend the paid leave mandates into 2021, but instead gave employers who were covered by the FFCRA the option to extend paid sick leave (“PSL”) and/or extended Family and Medical Leave Act (“EFMLA”) benefits to eligible employees who had not exhausted those benefits in 2020.  If employers continued to provide that leave on a voluntary basis, they could receive the corresponding payroll tax credit until March 31, 2021.

While many commentators believed that Congress would pass some sort of mandatory paid leave provision in the new year, ARPA did not go quite that far. Instead, it chose to continue to encourage employers to provide COVID-related paid sick leave by extending the tax credits until the end of September, 2021 and expanding the qualifying reasons for leave in the following ways:

  1. Obtaining a COVID-19 immunization;
  2. Recovering from an injury, disability, illness or condition related to COVID-19 immunization; or
  3. Seeking or awaiting the results of a COVID-19 test or diagnosis because the employee has been exposed to COVID-19 or the employer has requested the test or diagnosis.

All of the six reasons that an employee could receive PSL under the FFCRA are still qualifying events for the tax credits.  For a refresher on FFCRA-qualifying events, see: Trump Signs Families First Coronavirus Bill – Effective on April 2, 2020.

ARPA permits employers to receive a tax credit for up to 10 days of PSL per employee starting April 1, 2021, even if that employer had already taken a tax credit for those same employees prior to that date.  In other words, if an employee exhausted her ten days of PSL before March 31, 2021, an employer could still get the tax credit for an additional ten days of leave from April 1, 2021 to September 30, 2021.

The PSL tax credit is based on the employee’s regular rate of pay if the need for the leave is related to immunization or testing (as described above) or due to the employee’s own symptoms, quarantine or isolation, up to a cap of $511 per day (or a total of $5110 per employee).

Extended FMLA

Under FFCRA, up to twelve weeks of EFMLA was available if the employee was unable to work or telework due to the COVID-related unavailability of a child’s school or day care provider.  ARPA expands the reasons that tax credits can be obtained for providing EFMLA to include all of the reasons that PSL can be used (when an employee is subject to a quarantine or isolation order, where an employee is told to self-quarantine by a health care provider, where an employee is experiencing symptoms of COVID-19, issues related to immunization or testing, where an employee is caring for an individual who is quarantining, and where an employee’s son or daughter’s school or child care is closed).

Employers can receive a tax credit for providing up to twelve weeks of EFMLA.  The available credit per employee is still limited to two-thirds of the employee’s regular rate of pay, with a cap of $200 per day.  Importantly, the first two weeks of EFMLA no longer need to be unpaid, and therefore, the total cap has been increased from $10,000 to $12,000 per employee.

ARPA includes a non-discrimination requirement.  An employer cannot take a tax credit if it limits PSL or EFMLA benefits to highly-compensated employees, full-time employees or employees on the basis of tenure.  However, the employer can choose to provide only PSL or only EFMLA and still receive the tax credit.

We anticipate that both the Department of Labor and the IRS will issue additional guidance on these provisions in the near future, and we will keep you updated.

COBRA Subsidies

 In addition to extending and expanding the FFCRA tax credits, ARPA also provides that the federal government will pay 100% of COBRA insurance premiums from April 1, 2021 through September 30, 2021 for employees who were terminated from their jobs or had their hours reduced so that they became ineligible for health insurance coverage during the pandemic.  Importantly, the subsidy is available to terminated employees if they became eligible for COBRA at any point during the pandemic.

Employers will be responsible for funding the subsidy and will be reimbursed through a payroll credit against quarterly taxes – similar to the credits taken for FFCRA leave.

Under ARPA, a terminated employee who is eligible for COBRA and who has not elected it by April 1, 2021 (or who elected it and then discontinued it) may elect COBRA coverage during a special enrollment period starting April 1st and ending 60 days after the COBRA notification was delivered.  Those individuals may receive the subsidy on a prospective basis.

Employers will need to be prepared to notify employees who might have had a COBRA-qualifying event in the past year and provide them with an opportunity to elect COBRA during the qualifying time period.

By May 30, 2021, employers’ COBRA notices will have to include information about the availability of the subsidy.  The Department of Labor has been directed to publish a model notice within 30 days, which should ease the administrative burden on employers.

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Please contact Heather Hammond (hhammond@gravelshea.com) at Gravel & Shea PC if you have questions or would like assistance.

 

 

 

Gravel & Shea PC March 16, 2021

FFRCA Ends, but Payroll Tax Credits Continue Employment-Related Highlights from the Omnibus and COVID-19 Relief Bill

President Trump signed the FY 2021 Omnibus and COVID-19 Relief bill (the “Act”) on Sunday, December 27, 2020.  There are several important employment-related provisions included in the Act.  Here is a summary of those provisions:

  • Payroll Tax Credit for Paid Sick Leave and Family Leave.  As we know, the Families First Coronavirus Relief Act (“FFCRA”) provided a certain amount of paid sick leave and extended family leave to employees who needed leave for certain COVID-related purposes.  Although the FFCRA expires on December 31, 2020 and the leave will no longer be required by law after that date, the Act extends the tax credit through March of 2021 for those employers who choose to provide the paid sick leave and extended family leave to their employees on a voluntary basis (if the employee has leave remaining under the limits set by the FFCRA).
  • Unemployment Insurance.  The Act provides $300 per week in increased federal unemployment benefits through March 14, 2021.  It also extends until April 5, 2021 the Pandemic Unemployment Assistance (“PUA”) program (which provides coverage for the self-employed and others in non-traditional employment circumstances) and the Pandemic Emergency Unemployment Compensation (“PEUC”) program (which provides additional benefits to those workers who have exhausted their regular state benefits).  The Act also increases the maximum number of weeks an individual may claim benefits to 50 weeks.
  • Tax Credit for Paid Family and Medical Leave.  The Act extends the federal tax credit through December 31, 2025 for employers who provide paid family and medical leave to their employees.
  • Health and Dependent Care Flexible Spending Accounts.  The Act allows employees to roll over unused amounts in their health and dependent care flexible spending accounts, from 2020 to 2021, and from 2021 to 2022.  It also allows employees to make a 2021 mid-year prospective change in contribution amounts.
  • Student Loan Repayment.  The CARES Act allowed employers to provide student loan repayment as a benefit to employees through December 31, 2020, and the Act extends this provision until December 31, 2025.  An employer may contribute up to $5,250 annually towards an employee’s student loans, which would be excluded from the employee’s income.
  • Return-To-Work Reporting Requirement.  The Act requires state to implement methods within 30 days to address situations where unemployment insurance claimants refuse to return to work or accept an offer of suitable work.  This method will require a reporting method for employers to notify the state when an individual refuses work.

We will continue to monitor federal and state laws and regulations surrounding these issues.  If you have questions or concerns, please contact your attorney at Gravel & Shea PC or Heather Hammond (hhammond@gravelshea.com).

Gravel & Shea PC January 7, 2021

Gravel & Shea Ranked Tier 1 for Burlington in US News – Best Lawyers® “Best Law Firms” for 13 Practice Areas in 2021

Today, Best Lawyers® released its 2021 “Best Law Firms” rankings. Best Lawyers has created this listing in conjunction with U.S. News & World Report for 11 years. Gravel & Shea is proud to have once again been ranked Tier 1 in Burlington for 13 practice areas:

  • Appellate Practice
  • Commercial Litigation
  • Corporate Law
  • Criminal Defense: General Practice
  • Criminal Defense: White Collar
  • Employment Law – Management
  • First Amendment Law
  • Litigation – Labor & Employment
  • Litigation – Real Estate
  • Mergers & Acquisitions Law
  • Personal Injury Litigation – Plaintiffs
  • Real Estate Law
  • Securities / Capital Markets Law

Best Lawyers reviews thousands of law firms across the country to create its annual guide. Law firms that receive tiered rankings are recognized for professional excellence and consistently impressive ratings from clients and peers. To be eligible for ranking, a law firm must have a lawyer recognized in Best Lawyers in America.

That publication recognizes the top 5% of private practicing lawyers in the United States. Best Lawyers in America recognized 12 Gravel & Shea lawyers in 2020.

Gravel & Shea also ranked Tier 2 in Burlington for bet-the-company litigation, corporate governance law, and medical malpractice law – plaintiffs.

Gravel & Shea PC November 5, 2020

United States Department of Labor Issues Important New FFCRA Regulations

The United States Department of Labor (“DOL”) issued revised regulations on Friday, September 11, 2020 (the “Revised Regulations”).  The Revised Regulations go into effect on September 16, 2020.

The Revised Regulations accomplished the following:

 1. Affirmed that the emergency paid sick leave (“EPSL”) and expanded family and medical leave (“EFMLA”) provisions of the FFRCA (together, the “FFCRA Leave”) may be taken only if the employee is actually employed and working.  Employees who have been “furloughed” or laid off are not eligible for FFCRA Leave;

2. Affirmed that employees who wish to take FFCRA leave on an intermittent basis must obtain their employer’s approval;

3. Limited the definition of “health care provider” who can be excluded from the EPSL or EFMLA provisions of the FFCRA to only those employees who meet the definition of a health care provider under the FMLA, or who are “employed to provide diagnostic services, preventative services, treatment services or other services that are integrated with and necessary to the provision of patient care which if not provided, would adversely affect patient care”; and

4. Clarified that employees must give employers information to support the need for FFCRA Leave as soon as practicable (rather than requiring notice in advance of taking the leave).

Discussion

The first two areas addressed by the Revised Regulations merely affirm what most employers have already incorporated into their practices.  The DOL first affirmed that an employee is only eligible for FFCRA Leave if the “qualifying reason” he or she needs the leave is the actual reason the employee is unable to work.  In other words, if the employer has no work for the employee to do (and, as a result, the employee is laid off or furloughed), then the employee is not eligible for FFCRA Leave, even if a need for the leave arises.  The DOL was quick to emphasize that this clarification does not mean that an employer can take steps to make work for an employee “unavailable” after he has requested leave, as that type of adverse action would constitute illegal retaliation.

The Revised Regulations then affirmed that an employee seeking to take intermittent FFCRA Leave (where such intermittent leave is permitted by law) must obtain the employer’s approval for such a leave and explain the basis for the request.  This applies to employees who are coming to the worksite as well as employees who are teleworking.  The DOL did point out, importantly, that employees who take FFCRA Leave in full-day increments to care for their children whose schools are operating on some sort of a hybrid model are not taking “intermittent leave.”  If a school is physically closed to students on a particular day and then re-opens on a different day, the DOL considers each closed day a separate qualifying event for FFCRA Leave purposes.

Next, the Revised Regulations made a significant change to the range of employees who can be excluded from FFCRA Leave.  The FFCRA allows employers to exclude employees who are “health care providers” from eligibility for FFCRA Leave.  The purpose of this exclusion is to prevent disruptions to the health care system’s ability to respond to the COVID-19 public health emergency.  In its initial regulations, the DOL had interpreted the term “health care provider” broadly, to cover virtually everyone employed by a health care facility or provider, regardless of whether the particular employee seeking leave provided any health care services.  The Revised Regulations narrow the definition of a “health care provider” to those employees who are providing or capable of providing (and employed to provide) health care services.  The Revised Regulations go on to describe categories of employees who would not be considered “health care providers,” including IT professionals, building maintenance staff, HR professionals, cooks, food service personnel, records managers, consultants and billing clerks.

This narrowing is important to employers in the health care sector, because some of their employees who are not providing health care services may have previously been excluded from paid leave eligibility.  Employers in this sector should review their policies and practices to be sure that, on a going forward basis, employees who are eligible for FFCRA Leave are granted that leave.

Finally, the Revised Regulations clarified that an employee is not obligated to provide his employer with notice of the need for FFCRA leave “prior to” taking that leave, recognizing that this requirement would be impossible in many circumstances.  Instead, an employer is permitted to require notice from its employees “as soon as practicable.”

While the Revised Regulations mostly affirmed what many employers are doing already (with the exception of those in the health care sector), this is a good opportunity to be sure that your policies and practices are compliant with the law, which remains in effect until December 31, 2020.

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Please contact Heather Hammond (hhammond@gravelshea.com) at Gravel & Shea PC if you have questions or would like assistance.

 

 

Gravel & Shea PC September 15, 2020

Social Security Withholding Relief Initial Guidance Released

On August 8, 2020, the President issued an executive memorandum stating that certain social security tax withholding obligations for September to December 2020 would be deferred due to the COVID-19 emergency, subject to forthcoming guidance from the Secretary of the Treasury.  On August 28, 2020, the Treasury Department released Notice 2020-65, implementing the option to defer withholding, deposit and payment of an employee’s share of social security tax.

Notice 2020-65 delays the due date for employees’ share of social security and railroad retirement tax withholdings that would otherwise be due on paychecks issued between September 1, 2020 and December 31, 2020.  The deferral only applies to paychecks of $4,000 or less in gross wages or compensation per bi-weekly pay period (or the equivalent amount depending upon the pay period used by the employer).

Employers who wish to defer withholdings and deposits may simply defer, without filing any notification or election form.  However, whenever an employer does withhold taxes, the employer must deposit them, as withholding triggers the deposit obligation.  If an employer elects to defer withholding pursuant to the Notice, the deferred tax must be withheld and paid ratably between January 1, 2021, and April 30, 2021.  The tax can either be withheld from earnings during that period or, if necessary, the employer may collect it directly from the employee.

Employers are not required to participate in this deferral option.  While Notice 2020-65 does not explicitly say that the deferral is optional, Treasury Secretary Mnuchin has stated elsewhere that employers are not obligated to take advantage of it.

Although the executive memorandum directed the Treasury Department to consider options for eliminating the deferred tax liability, the Notice does not provide any information about forgiveness of the debt.  In fact, it states that interest, penalties, and additions to tax will begin to accrue on May 1, 2021, if any portion of the deferred tax remains unpaid.

Due to the temporary nature of the deferral program, the need to pay the deferred taxes in early 2021, and the fact that the Notice is silent on key issues, employers should be cautious about making changes to their standard withholding procedures.

Click here to read COVID-19 News and Updates

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FOR MORE INFORMATION

For more information about the Social Security Withholding Guidance, please contact your attorney at Gravel & Shea PC or Heather Hammond (hhammond@gravelshea.com).

Gravel & Shea PC September 2, 2020

Twelve Gravel & Shea Attorneys Recognized in Best Lawyers in America© 2020

Best Lawyers® released their annual guide, recognizing attorneys that have been chosen through peer review as exemplifying legal excellence. Gravel & Shea is honored to congratulate 12 attorneys for inclusion in the 2021 edition of the Best Lawyers in America. The Best Lawyers team analyzed 9.4 million votes to make their selections.

Burlington Lawyers of the Year in Best Lawyers in America

Two Gravel & Shea attorneys were recognized as Burlington Lawyers of the Year in their practice area.

Heather R. Hammond is the 2021 Burlington Lawyer of the Year for labor and employment litigation. Robert F. O’Neill is the 2021 Burlington Lawyer of the Year for white-collar criminal defense.

Best Lawyers in their practice areas

Gravel & Shea attorneys have been recognized in Best Lawyers since 1989. This year’s awardees are recognized for excellence in eighteen practice areas.

Peter S. Erly, since 2007

  • Corporate law
  • Mergers and acquisitions law
  • Securities/capital markets law
  • Securities regulation

Timothy M. Eustace, since 2013

  • Litigation—real estate

Michelle N. Farkas, since 2007

  • Real estate law

Heather R. Hammond, since 2015

  • Employment law—management
  • Litigation—labor and employment

Robert B. Hemley, since 1989

  • Bet-the-company litigation
  • Commercial litigation
  • Criminal defense: general practice
  • Criminal defense: white-collar
  • First amendment law
  • Mass tort litigation/class actions—plaintiffs
  • Medical malpractice law—plaintiffs
  • Personal injury litigation—plaintiffs

William A. Mason IV, since 2013

  • Corporate governance law
  • Corporate law

Jerome F. O’Neill, since 1993

  • Commercial litigation
  • Criminal defense: general practice
  • Criminal defense: white-collar
  • Personal injury litigation—plaintiffs

Robert F. O’Neill, since 2006

  • Commercial litigation
  • Criminal defense: general practice
  • Criminal defense: white-collar

Keith A. Roberts, since 2013

  • Corporate law

Robert H. Rushford, since 2007

  • Real estate law

Norman C. Williams, since 2010

  • Appellate practice
  • Mass tort litigation/class actions—plaintiffs

Ones to Watch

Best Lawyers also recognizes excellence in attorneys that have been in private practice for between five and nine years. Gravel & Shea associate Celeste Laramie is recognized in Best Lawyers’ Ones to Watch publication for personal injury litigation on behalf of plaintiffs.

Gravel & Shea PC August 19, 2020

Nonprofits Now Eligible for Main Street Lending Program Loans

Today, the Federal Reserve announced the expansion of the Main Street Lending Program (the “Program”) to include loans to certain nonprofits.  Nonprofits must meet the following criteria to be eligible for the Program:

  • tax-exempt under Section 501(c)(3) or 501(c)(19) of the Internal Revenue Code;
  • continuously operating since January 1, 2015;
  • created or organized in the U.S. and has a majority of its employees and significant operations in the U.S.;
  • at least 10 employees;
  • 2019 annual revenue of $5 billion or less or 15,000 or fewer employees;
  • endowment of less than $3 billion;
  • non-donation revenue greater than or equal to 60% of its 2017-2019 expenses (less depreciation, depletion and amortization);
  • “non-donation revenue” includes: government grants; revenue from supporting organizations; grants from private foundations that are disbursed over more than one calendar year; and contributions of property besides money, stocks, bonds, and securities
  • at least a 2% ratio of adjusted 2019 earnings before interest, depreciation, and amortization (“EBIDA”) to unrestricted 2019 operating revenue;
  • average of at least 60 days’ liquid assets on hand for the past year;
  • at the time of origination, has greater than a 55% ratio of unrestricted cash and investments to the total of outstanding and undrawn available debt, plus the Program loan, plus any CMS Accelerated and Advance Payments;
  • did not receive funds under any other Program loan facility, the Primary Market Corporate Credit Facility, the Municipal Liquidity Facility or under the industry-specific relief provisions of Title IV of the CARES Act.

Nonprofits that received loan under the PPP or EIDL are still eligible for Program loans, provided they satisfy the criteria above.

Two types of loans are available to eligible nonprofits under the Program:  Nonprofit New Loans and Nonprofit Expanded Loans.  The minimum loan size for Nonprofit New Loans is $250,000, and the minimum for Nonprofit Expanded Loans is $10 million.  The maximum loan size for Nonprofit New Loans is the lesser of $35 million or the borrower’s average 2019 quarterly revenue and for Nonprofit Expanded Loans, the maximum is the lesser of $300 million or the borrower’s average 2019 quarterly revenue.

Like Program loans to businesses, the nonprofit Program loans are not forgivable.  The other terms of the Program applicable to nonprofits parallel those applicable to business, which means that nonprofit loans will have 5-year terms with interest deferred for one year and principal deferred for 2 years and will use a LIBOR +3% interest rate.

More information is available in the Nonprofit New Loan Term Sheet and the Nonprofit Expanded Loan Term Sheet.  Additional details will also continue to be released on the Program webpage.

Program loan applications will be accepted directly by participating lenders.  Interested nonprofits should reach out to their existing lenders or to Program lenders who are accepting new customer applications (listed here) to begin the process of obtaining a Program loan.

Click here to read COVID-19 News and Updates

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FOR MORE INFORMATION

For more information about the Main Street Lending Program, please contact your attorney at Gravel & Shea PC or any of the following attorneys at the firm:

Chip Mason (cmason@gravelshea.com), Cassandra LaRae-Perez (claraeperez@gravelshea.com),  Oliver Goodenough (ogoodenough@gravelshea.com), Keith Roberts (kroberts@gravelshea.com), Pauline Law (plaw@gravelshea.com), or Catherine Burke (cburke@gravelshea.com).

Gravel & Shea PC July 17, 2020